Inside Measure in Sats
The idealized Bitcoin treasury, from first-principles primitives to the bet.
Simple primitives become reusable proof objects
Geometry starts with claims that sound almost too obvious: two points determine a line; a point and a radius determine a circle; three non-collinear points determine a plane. The power comes later, when a proof can point to one of those facts and build the next layer.
This book uses the same move for Bitcoin treasury companies. Measure in sats. Pick the failure or going-concern path before using a preferred number. Reconcile every source and use once. Then build Common ATM Accretion, Preferred ATM Accretion, Forever Cost, Atomic Tranche Accounting, and Treasury Optionality on top.
Assumptions
Ch 1: What We Believe
The Bitcoin and fiat premises the rest of the argument builds on: 21 million, confiscation resistance, network effects, and fiat debasement.
The Structural Floor
Ch 2: Fiscal Dominance and the CAGR Floor
Why US debt arithmetic constrains policy, why the exit is inflation, and why fiat debasement creates the floor beneath long-run Bitcoin CAGR.
Bitcoin Treasuries
Ch 3: Why Treasuries Hold Bitcoin
Cash as guaranteed purchasing-power loss, Strategy's evolution from MicroStrategy to Bitcoin treasury, and the public invention of the playbook.
Ch 4: mNAV and Accretive Dilution
Why premium-to-Bitcoin value can be rational, how share count can rise while sats per share also rises, and why mNAV is the market's execution grade.
The Capital Structure
Ch 5: The Preferred Stock Stack
STRK, STRF, STRD, STRE, STRC, seniority, liquidation preference, and why multiple instruments unlock multiple investor bases.
Ch 6: Stretch (STRC)
The variable dividend mechanism, VWAP triggers, the $100 price target, and why the rate can move down as well as up.
Ch 7: Fixed-Dividend Preferreds
STRK, STRF, STRD, and STRE as fixed-dollar obligations, with issuance price determining effective dividend rate and accretion.
Ch 8: Amplification, Not Leverage
Why the stack is not margin debt: overcollateralization, no maturity dates, no forced liquidation, and asymmetric exposure.
Interlude: The Optionality of a Bitcoin Treasury
BTC, cash/T-bills, common, and preferreds as capital-allocation pairs, with each trade tested by residual sats per common share.
The Atomic Transaction Model
Ch 9: The Atomic Transaction Model
The lens that treats each preferred raise as self-contained: dollars in, Bitcoin bought, future dividends modeled in sats.
Ch 10: Forever Cost
The geometric series behind the core formula: infinite payments can have finite BTC cost when the unit of account appreciates.
Ch 11: The Ledger
Theory meets the 8-K record. Every weekly tranche becomes a row, every row links back to the filing, and sats per diluted share becomes the score.
Ch 12: The Infinity Engine
The flywheel at scale: accumulation, reflexivity, preferred issuance, common issuance, and how the machine can keep compounding.
Risk and Conclusion
Ch 13: What Could Go Wrong
The honest failure modes: sustained CAGR below dividend rate, mNAV collapse, Bitcoin drawdowns, execution quality, regulation, liquidity, and sizing.
Ch 14: The Bet
The whole argument reduced to one inequality, with options comparison, personal stakes, and the final framing: count on fiat to fail.
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